‘Do Something!’

And that, folks, is the week.



“…or what counts as ‘fireworks.'”

Trader: ‘You Don’t Always Get Something For Nothing’

“Traders like to blame all the world’s ills on central bank behavior and then scream when markets act like markets. Or their machines act like robots.”

Risks Aplenty.

And now, back to your regularly scheduled programming…

Lira Collapses Most Since Coup As Gulen Witch Hunt Triggers Diplomatic Crisis With U.S.

This of course stems directly from Erdogan’s ongoing efforts to bring arch nemesis Fethullah Gulen to “justice.” Pretty much anything that goes wrong for Erdogan gets blamed one of two things: 1) a Kurdish conspiracy, 2) a Gulen-linked conspiracy. This latest spat with Washington is no exception. 

No Market Is An Island.

Best of luck in Q4 and here’s hoping there’s a Q1 2018.

‘Believe Me.’

What could go wrong?

Powder Keg Alert: Kurdish Referendum In Focus As Erdogan Threatens Oil Flows, Military Strike

“Our military is not (at the border) for nothing. We could arrive suddenly one night.”

Turkish Delight: Trading ‘The Great British Selloff’

…do note that there’s a wild card here.

Geopolitics! Won At 4-Month Low, Lira Sinks, Trump Says ‘Very Severe’ Shit Is Goin’ Down

Well, the won is at four-month low against the dollar on Thursday because, well, because a mushroom cloud over Seoul isn’t an entirely far-fetched proposition. “The won is under pressure as it appears North Korea is getting closer and closer to its nuclear program and that is causing tension and apprehension in the Korean peninsula,”…

SocGen’s Kit Juckes Is “Back From The Alps”: Here’s His Quick Pocket Guide To An Uncertain Market

The tough thing about a market dominated by geopolitical concerns is that geopolitics is country- or at least region-specific. There’s nuance, idiosyncrasies, thousands of years of history peculiar to this country or that, religious undercurrents, etc., etc. You have to take all of that into account when trying to make sense of markets in the context of multiple geopolitical powder kegs.

Fortune Cookie Say: “Good Econ Data!” The Sultan Returns. Welcome To Monday.

Boom! It’s Monday. Let’s hit the ground running.

Daily Kickstart (Japan Battles Bond Markets, Mexico/Turkey Battle FX Traders, May Meets W/Trump)

As is rapidly becoming custom, we start with FX markets, where the USDJPY rose again, recapturing a 115 handle following the BoJ’s 10th bond buying operation of the month. If we hit 116, the dollar rally could gather some momentum “as the market seems to be short vol above that level,” one European trader told…

Daily Kickstart (Dollar In Focus As UK Court Rules; Lira Plunges)

On Monday evening I said I’d likely find myself talking about the dollar again first thing Tuesday morning and sure enough… As noted last night, the greenback came under renewed pressure around 4:30 p.m. EST when Bloomberg ran comments from Trump’s Treasury pick Steven Mnuchin who said “from time to time, an excessively strong dollar may have negative…

Gun To Your Head, Which Do You Go Long: Mexican Peso Or Turkish Lira?

“Choose wisely”…